Ampco Pittsburgh Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ampco Pittsburgh Corp. filed its Q1 2024 10-Q, detailing financial instruments and operational data.</b>

AI Summary

AMPCO PITTSBURGH CORP (AP) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Ampco Pittsburgh Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data related to various agreements and facilities, such as the Equipment Financing Facility and Disbursement Agreement. Key dates mentioned include September 29, 2022, for the Equipment Financing Facility and January 1, 2024, for the Disbursement Agreement. The report references specific financial statement items like Accumulated Defined Benefit Plans Adjustment and Noncontrolling Interest as of December 31, 2022, and March 31, 2024. It also details capital additions and futures contracts for copper and aluminum during the first quarter of 2023.

Why It Matters

For investors and stakeholders tracking AMPCO PITTSBURGH CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational details of Ampco Pittsburgh Corp., crucial for understanding the company's current financial health and strategic direction. The specific mentions of financing facilities, commodity futures, and capital additions offer insights into the company's capital structure, risk management strategies, and investment activities during the reporting period.

Risk Assessment

Risk Level: medium — AMPCO PITTSBURGH CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information. However, the specific details on various financing agreements and commodity futures could indicate underlying operational complexities or financial exposures that warrant careful review.

Analyst Insight

Investors should review the detailed financial statements and footnotes within the 10-Q to understand the specific terms and implications of the mentioned financing facilities and commodity contracts.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-13 — Filing Date (Filed as of Date)
• 2022-09-29 — Equipment Financing Facility Date (ap:EquipmentFinancingFacilityMember)
• 2024-01-01 — Disbursement Agreement Start Date (ap:DisbursementAgreementMember)
• 2023-01-01 — Disbursement Agreement Start Date (Prior Year) (ap:DisbursementAgreementMember)
• 2023-01-01 — Capital Additions Start Date (us-gaap:CapitalAdditionsMember)
• 2023-01-01 — Aluminum Purchases Start Date (ap:AluminumPurchasesMember)
• 2023-01-01 — Futures Contracts Copper and Aluminum Start Date (ap:FuturesContractsCopperAndAluminumMember)

Key Players & Entities

• AMPCO PITTSBURGH CORP (company) — Filer
• AP (company) — Ticker Symbol
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-13 (date) — Filed as of Date
• 0000006176 (company) — Central Index Key
• PA (location) — State of Incorporation
• 726 BELL AVENUE (address) — Business Address Street 1
• CARNEGIE (location) — Business Address City

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $1 — nge on which registered Common Stock, $1 par value AP New York Stock Exchang

Filing Documents

• ap-20240331.htm (10-Q) — 1860KB
• ap-ex31_1.htm (EX-31.1) — 13KB
• ap-ex31_2.htm (EX-31.2) — 13KB
• ap-ex32_1.htm (EX-32.1) — 7KB
• ap-ex32_2.htm (EX-32.2) — 7KB
• img138168447_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-058689.txt (&nbsp;) — 9681KB
• ap-20240331.xsd (EX-101.SCH) — 1501KB
• ap-20240331_htm.xml (XML) — 1837KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets – March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations – Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive ( Loss) Income – Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Shareholders' Equity – Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 Item 2 –

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3 –

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4 –

Controls and Procedures

Controls and Procedures 30 Part II – Other Information: Item 1 –

Legal Proceedings

Legal Proceedings 31 Item 1A –

Risk Factors

Risk Factors 31 Item 5 – Other Information 31 Item 6 – Exhibits 32

– FINANC IAL INFORMATION

PART I – FINANC IAL INFORMATION AMPCO-PITTSBURGH CORPORATION CONDENSED CONSOLIDAT ED BALANCE SHEETS (UNAUDITED) (in thousands, except par value) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 10,829 $ 7,286 Trade receivables, less allowance for credit losses of $ 893 as of March 31, 2024 and $ 975 as of December 31, 2023 84,281 78,939 Trade receivables from related parties — 912 Inventories 123,079 124,694 Insurance receivable – asbestos 15,000 15,000 Contract assets 5,510 4,452 Other current assets 5,075 5,370 Total current assets 243,774 236,653 Property, plant and equipment, net 155,382 158,732 Operating lease right-of-use assets 4,569 4,767 Insurance receivable – asbestos, less allowance for credit losses of $ 708 as of March 31, 2024 and December 31, 2023 141,960 145,245 Deferred income tax assets 3,160 3,160 Intangible assets, net 4,652 4,947 Investments in joint ventures 2,175 2,175 Prepaid pensions 4,973 4,951 Other noncurrent assets 5,163 5,024 Total assets $ 565,808 $ 565,654 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 41,387 $ 36,830 Accounts payable to related parties 1,068 401 Accrued payrolls and employee benefits 14,537 14,703 Debt – current portion 14,805 12,271 Operating lease liabilities – current portion 927 946 Asbestos liability – current portion 24,000 24,000 Other current liabilities 29,011 27,734 Total current liabilities 125,735 116,885 Employee benefit obligations 40,192 41,684 Asbestos liability 207,772 214,679 Long-term debt 116,171 116,382 Noncurrent operating lease liabilities 3,642 3,822 Deferred income tax liabilities 538 543 Other noncurrent liabilities 4,519 88 Total liabilities 498,569 494,083 Commitments and contingent liabilities (Note 8

View Full Filing

View this 10-Q filing on SEC EDGAR